In lieu of some recent reports coming out in case of selling and renting unregistered properties within the whole country specially in the capital i.e. Abu Dhabi, the authorities at the Cabinet have now decided to take a firm action in order to check this felony.
UAE’s real-estate in terms of revolutionary property developments as well as residential units is quite exemplary in its own space as well as on a global scale. With a higher percentage of locals residing within the capital state i.e. Abu Dhabi, there are various residential developments within the state that are targeted to this specific market segment given their high-end luxurious infrastructures as well as hefty prices.
Having said that, based on several surveys, the purchasing power of the population percentage residing within Abu Dhabi is much more than that of the other states like Dubai, Sharjah etc. It is due to this very reason that properties are often highly-priced and much more developed in terms of luxurious interiors and intricate infrastructures in Abu Dhabi.
However, during the past year or two, the higher authorities came across a number of cases where these residential units were not even registered legally and were given off for renting or selling purposes to the third-party consumers. This activity incurred huge losses to some buyers and definitely created a bad name for the developments within the state. Thus, very recently, the Abu Dhabi Cabinet finally broke its silence on the matter and announced a huge fine of DH 10,000 on the Unregistered Residential Units in the state.
Hussain Ali Al Junaibi, head of the real estate registration team in Abu Dhabi Municipality, affirmed that the Dh10,000 fine will be incurred if registration doesn’t take place within 21 days. According to the report by Al Bayan, these new rules and regulations are expected to be practiced with effect by the end of November this year.
We expect that this step will definitely set a lesson for all those involved in such deceit.